that the turkish lira is now the worst performing currency of twenty eight team edging out the argentine peso and it may have farther to fall as the end of the easy credit era continues to deflate the turkish economy mr trump's latest international confrontation was prompted by the white house imposition of sanctions on turkish officials over the case of a u.s. pastor who has been charged with complicity in a coup attempt against mr heir to watch. and other currency and sanctions news in the region next door to turkey the value of the russian ruble is seguing has hit a two year low likely under pressure from u.s. sanctions related to poisoning of an alleged former russian spy sir scriptural and his daughter the u.s. and some allies accuse russia of complicity in the attack while russian currency tends to have some small seasonal wobble in august the start decline seems to clearly reflect real and growing difficulties for the russian economy. and more russian trade news the russian aluminum giant roussel also american subsidiary that we've talked about before was granted an exemption from trump administration

tariffs well now that exemption has been revoked sol america has granted a request exemption on their twentieth attempt in july the exemption process allows for other companies to challenge such requests and the congress department says they noted no objection at the time of the approval but that changed the new york times now reports that after democrat suggested the exemption was granted due to a personal request to mr trump from russian president vladimir putin commerce officials reviewed the record and dust covered that a u.s. aluminum company had intended to object but failed to properly note it on paper the exemption process for the trump tariff has come under some scrutiny from several angles as congress tried to process over twenty thousand requests the washington post reported on a lack of legal expertise and personnel to handle the volumes of paper at that apartment and the new york times reported that nucor a u.s. steel firm with strong connections to the trump white house has lodged over sixteen hundred objections to a. request exemptions were the night in all of those cases. the

u.s. government is going to exceed another momentous milestone this year as recently released data from the u.s. department of treasury shows documents that half a trillion dollars will be needed just to pay interest the service that is on the u.s. government debt so far this year alone such interest expenses have grown by an additional forty billion bucks and twenty seventeen the cost of service to the debt was three hundred seventy five billion dollars this year it is on track to cost to cost four hundred fifteen billion dollars and here discuss that is jeffrey small the president founder of arbor financial who joins us yet again we're so pleased jeffrey that you take the time to be with us these numbers are pretty mind boggling jeffrey i mean first of all let's set the table the debt is different than the annual budget deficit and the debt is the ongoing amount of money that we owe the u.s. government owes as

a nation but who owns it holds all that debt jeffrey. well you know that's a good question china only owns about five percent of that debt but most people don't know bert that we actually have the same amount of debt and chinese debt that we own here in this country versus what they own over there so technically it's a wash about twenty five percent of that debt is held domestically but the real question aspart is there's a huge demand for treasuries right now and despite a rising interest rate environment the interest rates in treasuries have been falling or they've been literally flat despite the five interest rate moves by the fed and that's because the united states is strong despite the debt levels that we have but you're exactly correct that cost is going to spiral in between now and two thousand and twenty one it's going to more than double based on the current pace of seventy billion a month we're spending right now more than we collect and a small mild forty basis point increase in interest rates and we almost double that cost that will be quaint the current defense budget by two thousand and twenty one

of what we spend there and jeffrey i mean there are smart people who say that having debt is a good thing i mean but jeez louise be not at these levels right. well you know we live in a codependent debt world and the irony is even though we've expanded the debt the debt service has cost about the same but now we're in a rising interest rate environment the one thing that will change the total outlay of that debt and what we have to spend on it will not just be the amount of debt we're accumulating but what happens to interest rates so i think we're looking at a short term interest rate hike cycle over the next twelve to eighteen months and then by two thousand and twenty i expect rates to back down so i think all this debt talk about how things are going to double or repaying a trillion dollars in two thousand and twenty eight just to service it is just that it's a lot of hype but you know it just reminds me jeffrey of you know maybe an average family who spent too much and you know they just they just wonder how they will ever get out of debt with you know high interest rates etc and you know is there

a way out other than you as you say you know things change over the longer term and and interest rates may go down and that is certainly the key culprit in this this increase the amount of servicing the debt but is there any other way to get out of it other than i mean what would seem i probably you know obvious on face of it to most folks the government should spend less money. well bart you know the government spends more money and lowers taxes to do would benefit the middle class so they can prosper in for the very first time we're finally starting to see wages increase and we have epically low unemployment numbers and records in many different categories as far as what's happening with jobs in this country if you want to job it's there but the key for personal consumers to get out of debt is to save more than they spend and not accumulate debt and unfortunately that's not the american way we normally spend more than we earn in this country yeah it's crazy

the amount that we do build up i want to go back just a little bit to chinese you mention that they they hold just five percent of u.s. debt but you know we're in this trade war with with many nations but particularly with with china there's a big trade imbalance there of course and i just wonder whether or not there is something that the chinese could do that would somehow make life tougher for the u.s. government. regarding the debt that they hold what are your thoughts jeffrey. well i don't really think there is you know we consume eighty percent of what we produce in this country they're exporting over five hundred billion dollars to the united states in goods and services we're they're importing about one hundred fifty billion of goods and services in the united states so we really kind of hold the trump card here no pun intended the reality is we're in control and today china announced that they're going to start importing energy and oil from the united states so hopefully this will get washed out at some point but they've been

predatory for a long time and they need to change their tune economically and create a level playing field for the united states to also benefit because we've been exporting our wealth our country's middle class jobs for many many years to china and not just china but to many other countries this is been the pattern and fortunately we've got an administration that's trying to right that ship for the benefit of the american people we sure appreciate your perspective you know i worked on the hill pervert probably too long jeffrey and they always are members of congress in the senate they're always worried about increasing the debt limit but as we are talking about that debt that we already know it's not building further that stuff we need to pay and so i'm glad that you have taken the time to sort of explain what the debt is opposed the deficit jeffrey small the president founder of arbor capital thanks for your expertise your time jeffrey have a great weekend thank you. the california fire season is one of the worst on record and it's costing

a lot billions upon billions of dollars here's our tease the toughest suite with more on the details and the impact. after breaking a record for the largest fire in state history some analysts are now questioning just how costly california wildfires will be for twenty eighteen have if anything like last year's the tally up to more than nine billion dollars and even half way through fire season and this year is shaping up to be one of the worst on record for california it's quite a pace to keep up with as twenty seventeen was a record breaking year in terms of damage and costs according to cal fire in twenty seventeen there were nine thousand fires in the state of california burning one point two million acres in the north bay alone losses of more than one billion dollars were claimed to according to the california department of insurance the state itself shelled out one point five million in october to the north bay fires another three hundred million was needed down south in december and twenty seventeen the thomas fire which broke out near ventura and santa barbara county has

burned nearly three hundred thousand acres breaking state history but the men and see no complex fire just north of san francisco has already surpassed that burning at least three hundred four thousand acres and is only about halfway contained studio the battery fire right now it's too early in the incident to know exactly what the cost will be well too early to calculate officials say the closure of yosemite national park is a small indicator of the fires impact efficient believe many communities will experience a similar setback it's certainly a huge impact for us in yosemite this is the time as you mentioned that we welcome the most visitors this is literally the busiest time of the year of course the national park service says in two thousand and sixteen more than five million people visited the park generating an annual revenue of more than five hundred twenty million dollars the economic benefits are even greater at six hundred eighty six million there are reportedly close to eight thousand jobs in the local area supporting park related tasks well things are chaotic with fires still in the

process of being contained authorities say many times the location of the fire determines who shells out the payment for it usually. whoever picks up the tab for this is it's going to be based on where that fire and so right now it looks like we've got it into town and now as we mentioned we're still in the midst of fire season as well as hurricane season last year natural disasters cost us three hundred sixty billion dollars only time will tell if this year's natural disasters will exceed that. canyon his harshest suites our team. and we thank natasha time now for a quick break but hang here because when we return we take a look at the business side of those horrific facilities which housed separated families the immigrant families and their kids with human rights activists and part davidson an american university professor donna williamson joins us to talk about what's next for us tax cuts and your break here are the numbers the closing bell and stocks dow jones nasdaq and s. of feet all down by close to seven percent today and bitcoin is on the slide going

into the weekend dropping more than two percent over the past twenty four hours back in a flash. i'm going with a post some of this because i. felt. like this before. last time we chased. each one of them carrying twenty kilos of drugs. first offense. for then they just stepped right through. is it

through i mean. they have this is. this is for me. it was. i don't know maybe they don't make or. break. for now well. you know world's big partners movie. and conspiracy it's time to wait to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the back and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now for watching closely watching the

hawks. game this national camera. roughly once they showed some loose leaf for them. videos with the instrument. down more on string i don't roughly don't t.v. . welcome back a quick note if markets were down point seven percent seven percent i'd be probably running for the hills sorry for about that we previously reported on the brewing the labor brought the irish airline ryan air and now ryanair pilots union says their members and five countries including our own will strike for twenty four hours during the height of the european vacation season grounding roughly four

hundred flights with over seventy six thousand passengers who are scheduled to fly today a union representative in belgium addressed reporters earlier today to destroy that's going on here in belgium is the conclusion of six months of discussions between ryanair and the union representatives. to nowhere concrete and. requests from the beginning was to apply the national level lou to be easy to move loose you know to. balanced negotiations between the employees between deployed outs and the employer and point is so far right and keeps applying the irish libor to its totals and plateaus and calls and kevin cruz. that's not the only air issue the us airline industry is suffering from a chronic shortage of qualified pilots according to the latest federal aviation administration figures the f.a.a. says the number of pilots in the u.s. has dropped by thirty percent since one thousand nine hundred ninety eight there

were well over eight hundred thousand pilots available to work in one thousand nine hundred seven while there were just over six hundred thousand pilots last year the aircraft owners and pilots association says u.s. airlines will need over thirty six hundred new pilots just to keep up with expected retirements attrition and increased demand this year alone the f.a.a. still. calls their pilot count civil airman statistics get that airmen which suggest one possible cause for the shortage and an obvious and just solution women account for barely more than five percent of pilots according to international social action of women airline pilots by contrast nearly half of cabin crew jobs are done by women earlier this week director of airports council international andrea gets told the global aviation gender summit in cape town quote aviation in general has a difficult enough time lowering the best and brightest over to our industry it's not a track that girls and young women are particularly aware of we need to reverse that . and speaking of gender justice in employment the reputation of the tokyo medical

school has suffered this week after revelations that scores for female of female applicants were systematically reduced since two thousand and six in order to favor male applicants overall as well specific male individuals investigators found that schools skewed scores because they feared women graduates would shorten the and abandon their careers to become parents the scrutiny was prompted by a corruption case surrounding the school's admission of a son of a high ranking bureaucrat allegedly in exchange for government grants the scandal underlies the challenges facing prime minister shinzo abi who is pushed to enable women to enter the workforce mr obvious education minister says the government will investigate admissions process at all japanese medical schools. yesterday federal judge ordered

a mother and her daughter to be returned to united states in mid air flight after discovering they had been deported by the u.s. government in the midst of their immigration appeal in court not only did the judge say the action was unacceptable he held u.s. attorney general jeff sessions in contempt of court can you believe that the incident highlights the increasing tension and focus on the issue of immigration particularly as it relate to the matter of child separation from parents that we've covered on the program in the past well today we take a closer look at the business side of the issue which is so far not been covered too much below the radar if you will here to help us out is human rights activists and tar davidson who joins us from tucson arizona not far from the us mexico border and our welcome and thanks for the good work that you've done you've witnessed first hand on these migration detention centers and the pretty dismal conditions there for these children it's been well more than a month since the first situation was first highlighted at these centers has anything changed since that time and what's the situation there in tucson. yet

thanks for having me on the show off fortunately there's been quite a bit of action here. as as i had mentioned that is a problem with this transfer this with a lack of transparency recently pro publica put out an article that the silly into trying to sell just keep progress cillian to sound recently a former employee there was arrested on eight counts of child molestation this person was also a check positive a very brief beginning of scrutiny has yielded already quite a bit of abuse happening in these facilities like so basically on that end i was fortunate to be able to brief the leader of a group of sixteen state legislators that were able to talk facility they were rushed out they were told not to they weren't allowed to ask questions so i was keeping one horribly on that as well and the anti school district recently voted unanimously which is something very rare for this particular school board they voted unanimously to begin the process of offering the area or two to south whisky

as it was within the district so locally that's what's been happening and fortunately since i've spoken out i've seen a wave of people speaking out against geo group and of course civic and all forms of for profit detention of which was key is very much a part of why should say you know you're not just a human rights activist you're really a whistleblower on this stuff and that takes a lot of guts i work a lot of whistleblowers over the years so again thank you for that and it seems like one of the big issues that these are as you mentioned southwest key but these are for profit a lot of these are for profit institutions or some nonprofit organizations involved too but a report came out in the atlantic that indicated that these types of groups have spent more than three million dollars last year alone just lobbying in your opinion should there be a more critical eye on the for profit even though not for profit organizations that are involved in these dissention centers or what amount to really private prison camps. whoa unfortunately what's aroused of on this from this kind of

dark a lot is a private and public interest is basically you have a very highly charged rhetoric which basically kind of the anti immigration read or in the case of southwest even of a rhetoric in south of social change however that rhetoric only very very thinly masked a very high profit venture which is essentially does stealing of liberty of people and detainment very costly detainment that stood at the cost the taxpayers it's our burden essentially so what's happened is as a result of this very heavy lobbying i believe g.o.p. has had the highest lobbying efforts that it's had since then since up till now this is like record high numbers of their the money they've spent on lobbying and what's come out is a rhetoric the supports a system that is not even doing anything to improve his ration we haven't really the problems of immigration problem central america and south america cannot be

done cannot be fixed so simply done fortunate and especially not at it at such a high cost that they are the kind of no conceivable remedy that they provide other than detention right let me ask you you know the department of health and human services a federal government department has contracts for of these. detention centers and they award grants except for them to there is i think it's a three billion dollar a three year one billion dollar contract for software ski been up these folks are really making money on this right. sorry most definitely just to clarify that three point one billion is the figure which course if it gives you a great mate and southwest as an individual organization had a grant of four hundred sixty eight million dollars this past year up from three eleven the year before and the south the salary of the c.e.o. he claimed

a salary of one point five million dollars this year three times what the president makes as well floor last year he can't between three and five hundred thousand dollars bonus this was reported in the young turks investigates for just a bonus of three to five thousand two hundred thousand dollars on the same year that he laid off more than a thousand people from citing market conditions so there is definitely a lot of money that's been going around in these facilities and again all of that money is coming from us the taxpayer for them to assume their sense federal responsibility which is dealing with these these migration patterns and if you don't like it contact your congressman or your senator about it and tar davidson human rights activist and well so war thank you so much for your time and the good work you've been doing that and the good what this act of citizenship. what a character antara is good we appreciate him being on and just when you thought all

was done on the trump taxes hang on there was more like those infomercials right wait there's more here is because america never suppressor donald williamson professor thank you so much it's great to meet you in a preacher your being here with us thank you i want to start actually not on that we're going to get to it but earlier in the program we were talking about the u.s. debt and jeffrey small has been with us before did a great job of explaining one perspective but he was not suggesting that there was a big problem that it was so large what's your view you when you look at the stuff all the time i'm not an economist part biomechanics accountant by trade and this last tax bill the tax cut and jobs act was passed last the deborah and the one and a half trillion dollars to our debt. it and the topic we're going to discuss will add another one hundred billion dollars to our debt once your debt starts to reach five or six percent of your g.d.p. things start to happen in terms of the value of our paper and whether people continue to loan money to us so i'm very concerned about our national debt not for you and me necessarily but for our children and our grandchildren absolutely will

make me need to ok so let's get back to the topic at hand and that is you know we had this one point five trillion dollars tax cut but now there is more and it looks like they're talking about a capital gains tax cut what i'm going to propose professor well it is right now just a proposal part but the idea is if you bought a stock five years ago for ten dollars and you sell it today for fifteen dollars implicit in that five dollars of gain there must be an element of inflation and the purpose of this proposal is to factor that inflation into the ten dollars so let's say inflation over the five year period resulted in that stock not costing ten but after inflation twelve and in my example your gain would be only three rather than five that's the proposal its intent is to stimulate sales so that people be more apt to sell stocks and bonds not not having to pay tax on inflation and avoid what's called the lock in effect where so many people just hold stock until they

die and that death their stock and its basis for purposes of gain or loss is then recalibrated to the date of death fair market value it's one more illustration that death is the ultimate tax plan to avoid income taxes unfortunate but true let me ask you this how many individuals do you think this would impact to me who are the who are the folks that hat would have the most exposure to capital gain wealth ninety seven percent of this proposal of the benefits of this proposal would go the top ten percent of income earners in this country and two thirds of that would go to the top the infamous one percenters as we all know all of them. so it's very very expensive and it's aimed at upper income people and capital gains bar in most cases for middle class americans is earned within their pension plans and as we all know pension plans don't pay taxes until indeed they make distributions to the retirees and retirees pay tax on those gains albeit at ordinary income so this

proposal is it pretty much in the same modus operandi as the previous the one point five tax cut you talk about how this would be going to the upper ten percent and specifically the one percent and that's sort of how the original tax cut where there were some middle class taxes there but the corporations were the ones that got there permanently the individuals might be a quick shot they are but not for the long term this is more of the same well i would not say that part indeed the tax cuts for individuals last until two thousand and twenty six and in the air of tax legislation that's forever if we don't believe we're going to see more tax laws in this country and changes the laws in the next ten years we're fooling ourselves so as far as i'm concerned twenty twenty six is pretty much for the long haul so in that regard i believe these tax cuts do apply to regular ordinary citizens like you and i i also want to point out that indeed the rates do come down for the wealthiest americans in our country but they lose so

many deductions that i believe the wealthy will actually pay more in taxes we would love to have you back to talk about this in a little bit more detail american university professor donna williamson thank you sir really curious what you did with. and that's it for this time we thank you for watching us you can catch boom bust on direct t.v. channel three twenty one dish network general two a day or streaming twenty four seven on blue team that's a pretty deviant channel one thirty two or as always get us up at youtube dot com slash boom bust our to see you next time have a great weekend. join me every thursday on the alex simon show and i'll be speaking to guests of the world of politics small business i'm show business i'll see you then.

america was never great was founded on the rape in the murder. nothing changed so we said in. response to these situations that we do in the ways. people get shot every day she is just sad people kill each other blood for killing children. there was just no way that people are going to just sit back and allow children to be shot down by law enforcement. this country doesn't work for us it doesn't function for us. this is can't be happening in america we call from the streets we've got to deal with why this is the reason i

have to ride like this is the reason. the way to the united states is dangerous for most of the illegal immigrants. who want to have a higher speed that's not the little simple they want to take on most of enter and i wanted us to sum this up but many of them look for refuge in the so-called sentry sites the drifter used to share information about undocumented migrants with federal authorities how to best person asked bank. most you know no i've ended up next time i get i'm in a lot of class and i want that. they have water they'll choose to stay in the country with donald trump in the one time move the political rivals because both of you what is the if you beat up to the. offensive it's going to have many couples won't. kill which at the push concluded bills and spawn both both of them for

a few upwards of a few the hope of the. i . had two palestinians are killed and over two hundred are injured in the rest. of the headlines today senator from florida says russia has penetrated the u.s. states voter registration system head of those midterm elections state authorities say this zero evidence to support them. and space tops the list of countries receiving the most migrants on the mediterranean she has a new refugee deal comes into effect between germany.

just turned eleven i am here in moscow.